Australia will develop a licensing plan for cryptocurrency exchanges – Bits Media

Australian Treasurer Josh Frydenberg said, that the government of the country will hold the largest 25 years of payment system reform, which will bring digital assets “out of the shadows”.

In an interview with 7NEWS Australia, Josh Frydenberg (Josh Frydenberg) stated, that the government of the country will introduce new rules, which will “broaden the definition of services and products, subject to regulation, including in the cryptocurrency industry. In his opinion, this will bring digital assets out of the shadows.

Frydenberg told, that the Australian government will develop a plan for licensing cryptocurrency exchanges next year. In parallel with this, the Australian Treasury together with the country’s Central Bank will develop a state digital currency.

According to Frydenberg, more 800 000 Australians - about 3% population – own some forms of crypto assets. This is a significant part of the population and needs to be protected from risks, related to insufficient regulation of cryptocurrencies in Australia.

The regulators' intention to create conditions for the full legalization of the cryptocurrency industry is understandable by the high level of acceptance of cryptocurrencies in Australia among institutional investors and politicians. So, in November, investment director of the Australian pension fund Rest Super Andrew Lill (Andrew Lill) reported, that the fund plans to invest part of the funds in cryptocurrencies.

Previously Commonwealth Bank of Australia CEO Matt Comyn (Matt Comin) said, that the bank is more concerned about the risks of missing out on cryptocurrencies, than the risks, associated with their adoption. Besides, last month Australian Senator Jane Hume (Jane Hume) stated, that the DeFi industry provides a huge opportunity for the country to strengthen its position as a “leader in innovation”.